Barclays Brief

In recent months, market narratives have been dominated by geopolitical shocks, energy volatility and higher interest rates. But step back, and a much bigger story is coming into focus.Advanced economies may be on the cusp of a new, historic investment cycle – one with the potential to rival the great build‑outs of the past, from 19th‑century railroads to the Apollo missions and the information‑technology boom of the 1990s.While much of the capex narrative has focused on AI and the race by hyperscalers to build faster, more efficient models, this is only one part of the picture. Energy systems, electrification, defence spending and economic resilience are all reinforcing the scale of capital deployment now underway.In this episode of the Barclays Brief, Patrick Coffey is joined by Christian Keller, Chief Economist at Barclays, to examine how 150 years of investment data show that long periods of under‑investment are often followed by powerful capex cycles and why after two decades of weakness, the latest numbers point to the early stages of one with historic potential.Listeners can hear more on this topic:​•Episode 22: Processing uncertainty in real time•Episode 17: Metals & mining: meltdown or opportunity?•Episode 7: US dollar & the AI capex cycleClients can read more on Barclays Live:•Supersize me: The coming investment cycle•Cracks, but not a crater (Q2 Global Outlook)•Defence Quarterly: a 10-year cycle still to come?Important Content DisclosuresImportant non-Research Content Disclosures

Markets have been anything but calm lately. Inflation shocks, surging energy prices and the AI narrative have collided to deliver one of the most dramatic periods in rates markets in years, forcing investors to rethink interest‑rate paths in real time.In Europe and the UK, that reassessment has been especially stark. Expectations for rate cuts have rapidly flipped to pricing further hikes, with the Bank of England at the centre of the storm. Gilt yields have surged to levels last seen during the 2008 Global Financial Crisis, while German yields have climbed to post‑sovereign‑crisis highs. What began as an energy shock has quickly morphed into a bond‑market shock, lifting borrowing costs for households and businesses alike and delivering a renewed wave of financial whiplash for mortgage holders.Against this already fragile backdrop, markets were whipsawed yet again by a single social‑media post, triggering sharp reversals across rates, equities and commodities in the space of hours.So how do you trade through volatility of this magnitude? Which signals still matter when headlines dominate price action? And how do inflation risks, AI‑driven narratives and crowded positioning interact in today’s market structure?To make sense of it all, Patrick Coffey is joined by Hamza Hoummady, Head of EMEA Rates Trading, for a wide‑ranging discussion on what is driving today’s unprecedented moves, how this episode compares with past crises, and what investors should be watching next.Listeners can hear more on this topic:​•Episode 23: A bullish view on US equities•Episode 22: Processing uncertainty in real time•Episode 16: Forces shaping markets in 2026Clients can read more on Barclays Live:•Recovery delayed redux•On hold, holding on•Ides of March•Dueling mandatesImportant Content DisclosuresImportant non-Research Content Disclosures

Markets may look relatively steady compared with past oil shocks, but the real story sits in the undercurrents. Despite only a modest pullback in major indices, the Iran‑linked shock has sparked some of the sharpest sector rotations in years as fast‑moving capital unwinds crowded trades and reprices global risk.In this episode of Barclays Brief, Patrick Coffey is joined once again by Alex Altmann, Head of Equity Tactical Strategies, to break down what’s really moving markets: crowded international trades unwinding, energy‑importing regions under pressure, and liquidity mismatches accelerating the rotation.They also dig into the commodity complex, hit hard as investors absorbed significant losses, and explore why structural forces such as US-China decoupling, strategic reserve building, and critical minerals demand still support a compelling multi‑month (and potentially multi‑year) thematic opportunity.Ultimately, the conversation asks: what are market internals signalling that headline indices fail to show?From energy‑price anxiety and shifting Fed expectations to private credit concerns, join Patrick and Alex as they assess the pressures facing investors and why strong US corporate margins, healthier private‑sector balance sheets, and powerful AI‑driven capex trends continue to underpin a resilient, fundamentally bullish backdrop for US risk assets.Listeners can hear more on this topic:​• Metals & mining: meltdown or opportunity? • Is US equities exceptionalism finally cracking?Clients can read more on Barclays Live:• Framework for Modeling AI Demand & Supply – Capex 'Peak' Likely in 2028• Energy Sigma - Snowball effect• Equity Market Review - Waiting for the Trump put • The Long & Short of It - Conflict hits, conviction slipsImportant Content DisclosuresImportant non-Research Content Disclosures

Volatility has returned, and markets are recalibrating risk premia as new sources of uncertainty emerge across oil, inflation expectations, private credit and the AI investment cycle.In this episode of the Barclays Brief, Ronnie Wexler speaks with Ajay Rajadhyaksha to break down how markets are processing this uncertainty, and the transmission mechanisms that matter most for the medium-term path.They explore how investors are interpreting elevated oil prices and what sustained higher prices could mean for inflation expectations, as well as why private credit concerns remain slow moving rather than systemic. They also examine the structural tailwinds from AI, where hyperscaler CapEx and breakthrough adoption rates may continue to anchor long run productivity and growth.As the conversation tracks the market reaction to the escalating conflict in Iran and other recent headline shifts, Ronnie and Ajay focus on the observable indicators and signals shaping the medium-term outlook.Clients can read more on Barclays Live:Middle East Escalation HubWhen it rains...Barclays Equity Factor Insights: March 2026Takeaways From Anthropic's Enterprise Agent EventImportant Content DisclosuresImportant non-Research Content Disclosures

Weight loss drugs have pushed the obesity therapeutics market to an inflection point, reshaping not only patient behaviour, healthcare spending and investor expectations, but also potentially the global economic outlook, as lower obesity rates could promise higher productivity and reduced long term healthcare costs.In this episode of the Barclays Brief, Patrick Coffey speaks with Emily Field, Head of US Biopharmaceuticals Equity Research, to break down the forces driving this shift.They pinpoint the key accelerants: the arrival of oral versions, rapid uptake among consumers, shifting cash‑pay models, intensifying pricing pressure, and fierce competition facing the early leaders.At the core, the episode answers this question: as these medicines move from specialist treatments to mass‑market consumer products, how will they reshape the market and determine who wins economically?They also look ahead to the sector’s next phase, from ex‑US adoption and earnings signals to new entrants, combination therapies and future applications in areas such as addiction.Clients can read more on Barclays Live:• There’s no place like home; initiating coverage on U.S. Biopharmaceuticals• Brave New World: Goodbye MFN, Hello Pipeline• Protein Boom: Be prepared…Survey source: KFF Health Tracking PollImportant Content DisclosuresImportant non-Research Content Disclosures

Software equities sit in the eye of the AI storm, caught at a decisive inflection point as AI reshapes the sector and investors grapple with one of the sharpest valuation resets in years. ​In Episode 20 of the Barclays Brief, Raimo Lenschow, Head of North American Software Research, joins Ronnie Wexler, Global Head of Equities Distribution, to explore what’s driving the sell‑off and why the long‑term software story remains far from written.​The discussion examines the forces behind the recent repricing, from the arrival of real, market‑ready GenAI products to intensifying concerns around hyperscaler CapEx, overbuild risk and shifting competitive dynamics. While headlines point to sweeping disruption, Raimo argues that AI is not ending software — it’s redefining the stack and reshaping where value accrues.​At the centre of the episode is a simple but critical question: as AI accelerates change across software, what genuinely matters — and what’s being overstated?​Raimo and Ronnie also discuss what could shape the sector’s next phase, from how valuations may stabilise to the long, often underappreciated migration timelines that anchor enterprise technology decisions.​Listen in for a grounded perspective on where fear may be overstated, where selectivity matters most, and how investors can think about durability and opportunity as AI continues to reshape the software landscape​Listeners can hear more on this topic:​​Barclays Brief #14 – Rise of the humanoid robots​Barclays Brief #12 – The future of mobility​Barclays Brief #4 – AI revolution: China’s five year plan​Clients can read more on Barclays Live:​Software Is Not Dead, Just Changing ​How to play AI dislocation?​Agentic AI Disruption Risk in Focus​Important Content Disclosures​Important non-Research Content Disclosures

European Industrials have underperformed for years, but signs of stabilisation are emerging. In Episode 19 of The Barclays Brief, George Featherstone, European Industrials Research Analyst, joins Patrick Coffey to unpack what the next phase of Europe’s Industrial sector could look like – and where early momentum may be building.​The conversation explores areas of optimism for the sector, from improving consumer spending and housing activity to renewed grid‑infrastructure investment and robust demand for machinery and mining equipment as electrification accelerates.​Despite early signs of improvement, Europe’s outlook remains constrained by deep‑rooted structural challenges – from elevated energy costs to the AI investment gap and intensifying global competition.​Listen in for a timely breakdown of the key themes as investors and companies convene at the Barclays 43rd Annual Industrials Select Conference.Listeners can hear more on this topic:​Barclays Brief #17 - Mining & metals: Meltdown or opportunity?The Flip Side #80 - Is US equities exceptionalism finally cracking?Clients can read more on Barclays Live:​Euro Area Outlook: Europe at Different SpeedsGlobal Industrials: Supply chain reshuffle: what's now and next?European Capital Goods: Year Ahead 2026 - Mean ReversionThis content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.Important content disclosuresImportant non-Research content disclosures

Japan’s decisive election result is recalibrating market expectations, bringing FX, rates and fiscal policy signals into sharper focus. The LDP’s clear mandate will likely feed through to household demand, BoJ decisions and global moves in rates and FX, with implications for global investors’ near-term portfolio positioning.In this episode of Barclays Brief, Yun Zhang, Co‑Head of FIC Trading, Asia Pacific and Global Head of MTN & Macro Structured Notes Trading, joins host Patrick Coffey to unpack the market reaction and the indicators to watch.Listen in to get a clear, actionable view of how Japan’s post‑election landscape is shaping opportunities for global investors. Clients can also join a Japan post-election webinar to hear timely insights from our Research and Markets experts.Listeners can hear more on this topic:•Barclays Brief #13 – AI: The macro game changer•The Flip Side #77 - Is Japan doubling down on Abenomics, or redefining it?Clients can read more on Barclays Live:•Japan Economic Update – LDP sweeps more than two-thirds •Japan FX and Rates Views - LDP landslide victory to stabilize risk premium•Japan Perspectives - Lower house election preview: Strengthening outlook for LDP landslide This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.Important Content DisclosuresImportant non-Research Content Disclosures

Sharp swings across precious metals, especially gold, have thrust the sector into the spotlight, sustaining investor interest and stirring fresh debate over whether a new supercycle is emerging. Amos Fletcher, European Metals & Mining Research Analyst, joins Ronnie Wexler on The Barclays Brief to unpack what’s driving the moves.A powerful mix of macro and structural forces is at work: shifting Fed rate cut expectations, renewed inflation‑hedging flows, dollar softness and accelerating electrification. Copper sits at the centre of the transition, with EV adoption, renewable build‑out and grid expansion driving demand higher even as supply remains constrained.Amos breaks down the mechanics behind the latest volatility and explains how tightening supply across both industrial and precious metals could shape the next leg of price action. He also explores why, despite recent sell‑offs, stronger strategic conviction is still fuelling a rise in big‑ticket M&A across the industry.Get a clear, accessible guide to the forces reshaping metals and mining and why this corner of the market is becoming increasingly difficult for investors to ignore.Listeners can hear more on this topic:​Barclays Brief #8 Critical Minerals: the new oilBarclays Brief #7 US dollar: AI & the capex cycleBarclays Brief #2 Gold: Unpacking the rallyClients can read more on Barclays Live:​Gold - Pausing for thought26 ‘What ifs’ for 2026European Metals & Mining - What's priced in? This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

Most episodes of The Barclays Brief focus on a single market theme, but this week we have a special episode for you. Adeel Khan, our Global Head of Markets, joined hosts Ronnie Wexler and Patrick Coffey, to give you his insights across the full breadth of macro, equities and credit, bringing you perspectives from Adeel’s unique vantage point.Adeel outlines why the global backdrop remains more resilient than headlines suggest, buoyed by a powerful US consumer and an AI investment cycle shifting decisively from infrastructure build-out to monetisation. He also explains why inflation could ease back toward 2% by year-end, and how the equity narrative is evolving as the era of beta gives way to alpha in a market that could reward precision, discipline and true stock picking skill.The discussion then moves through the shifting FX landscape including a multi-year USD correction, low rates volatility and improving emerging market fundamentals. All this before turning to credit, where Adeel highlights why financing conditions remain robust even as dispersion continues to widen.Looking ahead, he sets out three key predictions and the one risk that ties them all together.Listen now for a clear cross asset view from Barclays’ Global Head of Markets and what it means for positioning in 2026.Listeners can hear more on this topic:•Barclays Brief #14 – Headlines to hedges: Positioning in 2026 •Barclays Brief #13 – AI: The macro game changer•Barclays Brief #15 – Rise of the humanoid robots•Barclays Brief #11 – Credit markets: What’s ahead for 2026Clients can read more from Barclays Research on Barclays Live:•US dollar: How low can it go? •Debasement trade & broadening in full swing•Headline exhaustionImportant Content DisclosuresImportant non-Research Content Disclosures

Humanoid robotics is moving from experimentation and into a true economic inflection point. The market, valued at just $2–3bn today, is projected to expand to ~$40bn by 2035 in the base case*, with upside scenarios approaching $200bn as physical AI scales across labour‑intensive sectors.In this episode of the Barclays Brief, Zornitsa Todorova, Head of Thematic FICC Research, joins host Patrick Coffey to unpack the shift from software‑driven AI to physical AI - the fusion of cognitive intelligence with advanced electromechanical “brawn” that enables humanoid robots to operate in human‑designed environments.Together, they break down the macro forces accelerating adoption: ageing populations, tightening labour markets, and demographic mismatches across manufacturing, logistics, agriculture, and healthcare. They also explore how breakthroughs across the “three Bs” — brains, brawn, and batteries — have driven a 30‑fold cost collapse, positioning humanoids as a viable automation solution.Listen in for the strategic perspective on how this shift could redefine long‑term investment themes.Listeners can hear more on this topic:​Barclays Brief #13 – AI: The macro game changer Barclays Brief #12 - Robotaxis: The future of mobilityBarclays Brief #4 - AI Revolution: China’s Five-Year PlanClients can read more on Barclays Live:​The future of work: AI gets physical150 investor trends to 2035: Navigating polarised outcomesImportant Content DisclosuresImportant non-Research Content Disclosures*Source: AlphaSense, Barclays Research

In just the first two weeks of 2026, investors have had a lot to take in amidst fast-moving headlines and shifting policy signals.​In this episode of Barclays Brief, Global Head of Macro Distribution Kristen Macleod joins host Patrick Coffey to unpack how investors are navigating a market defined by both optimism and caution. They break down key positioning themes from curve steepeners and real yields in rates to USD‑centric FX trades and selective exposure to commodities. They also examine the defensive side of the market, including long‑duration hedges such as gold. ​​Listen in to get the strategic view on how macro investors are positioning right now. ​​Listeners can hear more on this topic:​Barclays Brief #13 – AI: The macro game changer ​The Flip Side # 79 – Will the US consumer hold up in 2026? ​​Clients can read more on Barclays Live:​Macro Outlook: No turning back​Are inflation markets calm or complacent?​Thinking Macro: Eyes on the prize​Trump calls for one-year cap on credit card rates at 10%​Unprecedented times at the Fed​To lower the mortgage rates, think TreasuriesThis content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.Important Content Disclosures​Important non-Research Content Disclosures​

While traditional macroeconomic factors such as labour markets, central bank policy and inflation are all important considerations for 2026, the economy is “going to live or die” by what happens with AI, according to Global Chairman of Research Ajay Rajadhyaksha.​​In the first Barclays Brief episode of 2026, Global Head of the Product Management Group Patrick Coffey welcomes Ajay back to discuss why AI is the dominant force shaping the global economy, and what risks and opportunities investors should watch out for as the story unfolds. ​​Listen in to get the big picture on what’s shaping markets this year.​​Listeners can hear more on this topic:​Barclays Brief #10 – Seismic Shifts: Agentic AI in Energy ​Barclays Brief # 11 – Credit markets: What’s ahead for 2026​Clients can read more on Barclays Live:​Macro Outlook: No turning back​​This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.Important Content Disclosures​Important non-Research Content Disclosures​​

2026 is expected to be a breakthrough year for the US robotaxi market, as autonomous vehicles shift gears from pilot projects to large-scale deployment across major cities.Some players are expanding their fleets and coverage, while others are working to remove safety drivers and enter new metro areas. Meanwhile, several ride-hailing companies face strategic challenges as they invest in fleets but lack proprietary AV technology.In this week’s episode, Senior Research Analyst for the Internet Sector, Ross Sandler, and Global Head of the Product Management Group, Patrick Coffey, discuss the emerging investment themes, from rapid fleet growth to evolving partnerships and the race to improve remote operator ratios for cost efficiency.Listen in as they map out where the robotaxi journey is headed in 2026.Listeners can hear more on this topic:•Flip Side #76 – Is the AI investment cycle a sign of history repeating?•Barclays Brief #7 - US dollar & the AI capex cycleClients can read more on Barclays Live:•Charts Worth a Look: The US Robotaxi Market Heading into 2026•Tesla, Inc. - FSD data driving excitement...we see considerations, but narrative remains intact•What if... robotaxis & ride-hail drive a $42bn alcohol boom in the US?Important Content DisclosuresImportant non-Research Content Disclosures

If you spent 2025 watching credit and thinking “this feels suspiciously quiet,” you are not alone. Barclays’ Global Head of Research, Brad Rogoff, and Global Head of Equities Distribution, Ronnie Wexler, walk through the late‑cycle credit playbook for 2026: why spreads might finally move, how trillion‑dollar ambitions for AI are colliding with debt markets, and why private credit’s rapid growth brings new complexity and risk.​They also examine structural credit market shifts, such as portfolio trading and liquidity dynamics, and what they could mean for stability as financing needs expand across public and private markets. Dive into the full conversation to explore where credit markets may go next.​Listeners can hear more on this topic:​Barclays Brief Ep. 5: Private credit: Hidden interconnectivity​Barclays Brief Ep. 6: Hyperscalers: Hypergrowth, higher risk ​Clients can read more on Barclays Live:​Not just sunshine and rainbows: https://live.barcap.com/go/publications/link?contentPubID=FP692f6577b7837d79e2140dee&restriction=DEBT​Important Content Disclosures​Important non-Research Content Disclosures

Conversations about AI often revolve around the outlooks for the Mag7, capex or the resources required to power the technology. This episode of the Barclays Brief explores agentic AI’s potential for tangible results if applied to the energy industry. Lydia Rainforth, Head of European Energy Equity Research, joins Patrick Coffey to explain how agentic AI, defined as systems that plan, decide and act without human intervention, could unlock $80bn in productivity gains by 2030. ​The bulk of productivity gains could be realised in upstream – the exploration and extraction of raw oil and natural gas. Lydia breaks down practical use cases from faster seismic interpretation and higher hit rates in exploration to more precise, increasingly autonomous drilling. They also look at the hardware offering innovation in predictive maintenance using drones and robots that could cut downtime and increase output. ​Listen now to hear the insights and the introduction of Barclays’ AI Readiness framework (BAIR), which allows clients of Barclays Investment Bank to see companies graded by their level of implementation of AI, helping identify potential winners and laggards.Listeners can hear more on this topic:​Barclays Brief Ep 6 - Hyperscalers: Hypergrowth, higher riskBarclays Brief Ep 7 - US dollar & the AI capex cycleBarclays Brief Ep 8 - Critical minerals: the new oilClients can read more on Barclays Live:​New Horizons – Agentic AI, the $80bn game-changer for energyImportant Content Disclosures​Important non-Research Content Disclosures

The rise of real-time trading platforms, combined with steady 401(k) inflows, has amplified wealth effects – making retail investors acutely aware that fluctuations in equity markets directly influence their perceived financial well-being, with over 30% of household net worth tied directly to equities*. As Alex Altmann puts it, “the stock market now is the economy”, as market moves have the potential to ripple straight into household spending and sentiment, reshaping the old narrative.In this week’s episode of the Barclays Brief, Patrick Coffey speaks to Alex to reveal the signals institutional investors should be looking for in 2026, from retail trading cycle when tax returns come due to how commodities aren’t fully appreciated by markets. With US-China talks on the horizon, commodity price surges could not only disrupt supply chains, but impact household budgets.Tune in for actionable perspectives and the themes investors can’t afford to overlook for 2026. *Federal Reserve Flow of Funds Listeners can hear more on this topic:Barclays Brief ep8: Critical minerals: the new oilBarclays Brief ep2: Gold: Unpacking the rallyClients can read more on Barclays Live:AI and a larger-than-expected commodities cycleThe magnetic pull of rare earthsMined Matters – From Crypto to Commodities: More Fuel for the Gold RallyImportant Content DisclosuresImportant non-Research Content Disclosures

As technological advancement continues at pace across AI, defence and everything in between, demand for critical minerals such as rare earth elements (REEs) and copper, lithium, aluminium, nickel and cobalt (collectively known as CLANCs) has skyrocketed.  Yet their supply is incredibly concentrated, making access a high stakes priority for many economies. China has invested heavily over recent decades in everything from mineral processing plants to STEM graduates and has become the dominant supplier of critical minerals.With spot prices recently trebling amidst trade tensions and defence spending increases, countries in the West are balancing the need for immediate access to existing supplies with a strategic, longer-term pivot to build out mine-to-magnet processing.In this episode of the Barclays Brief, Ronnie Wexler is joined by Zornitsa Todorova, Head of Thematic FICC Research, to discuss why critical minerals are set to become a defining market theme for 2026. They break down why critical minerals are the ‘new oil’, what's driving current market volatility and what the future of supply could look like.Listeners can hear more on this topic:Talent and trade: the new battlegrounds in AIQ1 2026 Global Outlook: As goes AI...Clients can read more on Barclays Live:Critical Minerals: the magnetic pull of rare earths2025 Equity Gilt Study - Minerals and mindsQ1 2026 Global Outlook: As goes AI...Important Research Content DisclosuresImportant Non-Research Content Disclosures

AI is reshaping corporate investment priorities at breakneck speed, with the US private sector pledging trillions in capital expenditures to power the next wave of innovation. Investment waves have affected currencies before, yet, for now, FX markets remain focused on near-term narratives and tactical considerations. Could this structural shift in AI spending redefine dollar dynamics, while domestic and geopolitical headwinds reinforce sentiments of de-dollarization?In this episode of Barclays Brief, Patrick Coffey is joined by Research analyst Themos Fiotakis, Global Head of FX and EM Macro Strategy, to explore why currency markets appear to be operating in a parallel universe to equities. They also discuss potential FX upsides for metals exporters if AI-driven investment accelerates as forecast.Listeners can hear more on this topic:The Flip Side ep71 | Is this the end of the dollar as we know it?Barclays Brief ep2 | Gold: Unpacking the rallyTalent and trade: The new battlegrounds in AIClients can read more on Barclays Live:An AI revolution for the dollar - the (AI)lephant in the room(A)I Owe You: Framing Hyperscaler FinancingImportant Content DisclosuresImportant Non-Research Content Disclosures

AI, hyperscaler capex, credit markets, and debt issuance: the landscape for big tech funding is shifting fast. In the latest episode of Barclays Brief, Ronnie Wexler is joined by Andrew Keches, Co-Head of US High Grade Credit Research, to unpack how the world’s largest technology companies have recently turned to the credit markets. They discuss how evolving from cash-funded expansion was strategically inevitable, but how a wave of debt issuance has recently overwhelmed credit markets. Together, they explore why this shift is happening now, what it means for both credit and equity investors, and how the risks and rewards are evolving as tech giants become more capital-intensive. With spreads widening and new funding structures emerging, tune in to hear what investors should consider as the AI buildout accelerates. Listeners can read more on this topic:AI revolution: Meeting massive AI infrastructure demandsClients can read more on Barclays Live:(A)I Owe You: Framing Hyperscaler FinancingPowering AI HubPrivate Credit HubImportant Research disclosuresImportant non-Research disclosures